Resistance Money: A Philosophical Case for Bitcoin – A Book Review
Published in 2024 by Andrew M. Bailey, Bradley Rettler, and Craig Warmke, Resistance Money presents a philosophical argument in favor of Bitcoin.
Key Arguments Against Bitcoin:
- Bitcoin is often associated with criminal activities.
- It enables wrongdoing more easily over long distances compared to physical cash.
- There are concerns about its impact on international sanctions.
- Scams are prevalent in the culture surrounding Bitcoin.
- Bitcoin’s carbon emissions and energy consumption are significant issues.
Resistance Money provides a unique perspective by acknowledging these criticisms while making a case for the benefits of Bitcoin in a modern society.
The authors, who are experts in humanities and philosophy, argue that Bitcoin offers financial censorship resistance, particularly benefiting individuals with dissident political views and the unbanked population. They highlight how Bitcoin’s accessibility and decentralization can empower those marginalized by traditional financial systems.
Addressing common objections, the book delves into Bitcoin’s volatility, energy consumption, and distribution. It also challenges misconceptions about the currency, such as its divisibility and mediator status of miners.
While the technical aspects of Bitcoin may be challenging for some readers, Resistance Money presents a rational and evidence-based analysis of a divisive asset. The book serves as a valuable resource for financial practitioners seeking clarity on whether to include Bitcoin in investment portfolios.
With clients increasingly interested in Bitcoin, Resistance Money offers a nuanced perspective that can guide advisors in making informed decisions. The book encourages readers to critically evaluate the role of Bitcoin in the evolving financial landscape.
